b'Defined Benefit (DB) Defined Contribution (DC)Many employers offer some kind of retirement pension plan. DB pensions that provide guaranteed monthly payments after a certain number of years working are being replaced by DC pensions, like 401(k)s, with payouts that depend on how much is saved. With DC plans, there is no incentive to retire at a certain age, so many people who have DC pensions continue working.Whats behind the trend? Reasons for Retiring Social Security has changed its rules in HRS shows a lot of different reasons for ways that encourage working longer such as retiring. Health problems are one reason reducing the tax penalty for working while people leave the work force. Being in receiving benefits, increasing the age to receive poor health is most important for early full benefits, and making larger payments for retirement and much less important as a those who delay claiming benefits.29 reason for retirement at normal ages.32Levels of education continue to increase inthe population. People with more years ofeducation tend to work longer.29 6080% The number of women working continues of those in their early 50s who retire, to grow, and many more women are working say health was a very important reason longer. This in turn may keep some men for retiringworking longer because many couples preferto retire together.29 Women born in the baby boom generationhave had less time out of the labor force than about 20%earlier generations, which is linked to working of those in their early 60s who retire, longer. This means more work experience and say health was a very important likely higher earnings. Those with a satisfying reason for retiringcareer may also be deciding to work longer.On the other hand difficult household finances,including higher debt, can keep some older Source: HRS, 2018women working longer.30,31Balancing Work & LifeIt can be hard to balance the demands of work with the demands of home. Those who report a high level of work-life conflict are more likely to retire than those who report less conflict between their work lives and their home lives. The effect is stronger for women and especially for women who work part-time.3315'